A single-owner business is one that is owned by one person. It’s distinct from a multi-owner business structure, like a partnership or LLC that is an entity, but more streamlined and taxed in a different manner.
Individual businesses are not required to register with the federal authorities, but they might require the use of a DBA or other permits and licenses. They are not subject to the corporate tax rules, and they have unlimited liability. A lawsuit against an individual company could cost them everything.
This article examines a specific type of business model that is under-explored – the individual business. Based on a longitudinal inductive study of the chef and gastronomic pioneer Ferran Adria’s ever-changing personal business model, this article identifies triggers and mechanisms.
